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That’s been my fear all along since the “marketing process” was announced. It could just be a smoke screen to buy them some more time.
The SP will take a right kicking if they come out and announce no offers received and dilute further to raise funds for more drilling
You could be right Jez. I’ve got my doubts over how much of a “marketing process” is even going on.
It could just be BS that we’re being told to buy them more time to analyse data in order to increase the COS of the next drill
Personally I don't think that any price sensitive information has been given out. Are they expected to RNS every time they do a presentation to a company that may be interested?
Unfortunately Scarf it’s not a definite that we will be sold in 5 months. Year end could be the deadline for offers, there could be no reasonable offers or they could be planning on putting any offers to a vote by year end and it could drag on well in to next year for a deal to go through.
That’s one way of looking at it DarkEnergy although TE-6 & 7 were appraisal of the TE-5 discovery (not drilled by sound). So we’ve got a 100% record with the appraisal wells but a 0% record with our exploration wells TE-8, 9 & 10
That’s one way of looking at it DarkEnergy although TE-6 & 7 were appraisal of the TE-5 discovery (not drilled by sound). So we’ve got a 100% record with the appraisal wells but a 0% record with our explanation wells TE-8, 9 & 10
The worst possible RNS for me would be.... that after completing the marketing process they’ve decided to drill further prospects in the absence of an acceptable offer.
They’d probably dress it up that they’re trying to maximise the return for shareholders. But really to me that would mean there wasn’t sufficient interest when trying to sell the assets, so have no other option.
I hope so LONGWAIT, but the longer this drags on the more our funds will whittle away and the more people will lose faith. Hopefully someone will come in with an offer sooner rather than later and we can get some sort of return on our investment
I haven’t been reading the BB much recently Longwait, I’ll have to have a read of your post. My average is about 50p but I can’t bring myself to average down. I’ve pretty much lost faith after the misleading statements, missed timelines etc and I’ll just be happy when it’s all over now. I’ve said it before my worry now is that the “pause to market the assets” is just a bluff to buy them more time to re analyse the data and come up with a new theory for where to drill TE-11. In which case this will drag on a lot longer
The issue could be Jez that JP might argue that a 30p-50p sale is a positive for all shareholders at this moment in time. Looking at the current SP and the downward trend it would be hard to argue with that. The longer this drags on with no announcement of a bid the lower the SP will drift.
It looks to me like my fears that this “marketing the assets” is just a delaying tactic so they can buy more time to come up with a new theory for where to drill next.
Like Shedulike says it's not the failed drills that I blame the BOD for. It's the misleading statements, missed timelines, sudden changes of plan and CIP divestment at the same time as JP's trading plan was announced that doesn't sit well with me.
I just hope they are marketing the assets with a view to selling and this isn't just a delaying tactic. This 'pause while marketing' could be to allow them more time to fully interpret the seismic and other data to come up with another theory of where to drill next.
Nothing meaningful has ever been announced prior to a FSC so it’s probably just because they’re receiving loads of emails with similar questions. So it’s easier to answer all questions in a couple of hours that individually reply to people
It could be the case but there could be questions asked about inside information. If there have been negotiations ongoing for a while then surely BM would have been privy to inside information, which would prohibit him from buying shares under AIM rules
Shed, that sums up my thoughts really. Even after the TP was announced I made my decision to stay invested based on the 3 well back to back drilling program. I feel a bit miffed to say the least that we won’t be drilling all 3 and it’s been dragged out this long. If it wasn’t for the TP and Marco’s divestment I'd have put it down to bad luck but those two things leave a bad taste. I just hope JP can salvage a decent LE price for us PI’s
I really hope we get a decent price for our assets but I just can’t see it in our current situation, now it looks like we’ve got no intention to drill. The longer we go without news of an offer the further the SP will drift. We’ve just got to hope for some interest and quickly!
Unfortunately we could find ourselves at a much lower SP if there are no offers received in the next few weeks
All the petty squabbling is ridiculous. I've said it before you've got to judge JP and the rest of the team after the (up to) three well exploration program. If TE-10 and/or TE-11 come good the team will be proven right and we should all make a tidy profit.
If TE-10 and TE-11 turn out to be no good then for me JP and the rest of the board are either:
(a) Not as good as they thought they were.
(b) Unlucky.
(c) Con men.
PNE79, I think they're just planning for every eventuality and progressing things as far as they can. If we get everything lined up and we get things in place for Sidi Seismic to go ahead it becomes more attractive to a buyer or if we don't get a buyer for the company and go down the asset sale route we are in a position to move straight on to Sidi ourselves.
If we were to put all of our eggs in one basket with a company sale then it would significantly weaken our hand when negotiating.
JP and the team he has assembled should be judged after the outcome of these wells and the resulting LE. I understand everyone’s frustration at the poor performance of the SP and the delays but hopefully they’re just taking their time to get things right.